Bank of America Initiates Coverage on Plains All American Pipeline (NYSE:PAA)

Analysts at Bank of America began coverage on shares of Plains All American Pipeline (NYSE:PAA) in a report issued on Thursday, StockNewsAPI reports. The brokerage set a “neutral” rating and a $18.00 price target on the pipeline company’s stock. Bank of America‘s target price would suggest a potential upside of 4.23% from the company’s previous close.

Several other analysts also recently commented on the stock. UBS Group raised their price objective on shares of Plains All American Pipeline from $21.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, July 2nd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $19.00 price target on shares of Plains All American Pipeline in a research note on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $19.91.

Plains All American Pipeline Price Performance

PAA stock opened at $17.27 on Thursday. The company has a quick ratio of 0.90, a current ratio of 1.00 and a debt-to-equity ratio of 0.64. The firm has a market cap of $12.11 billion, a price-to-earnings ratio of 15.70 and a beta of 1.60. The company’s fifty day simple moving average is $17.57 and its 200 day simple moving average is $17.67. Plains All American Pipeline has a 12-month low of $14.46 and a 12-month high of $19.17.

Plains All American Pipeline (NYSE:PAA) last announced its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.31 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.31. Plains All American Pipeline had a return on equity of 11.52% and a net margin of 2.07%. The company had revenue of $12.93 billion for the quarter, compared to the consensus estimate of $12.32 billion. During the same period in the previous year, the business earned $0.25 EPS. The firm’s revenue was up 11.5% compared to the same quarter last year. On average, analysts expect that Plains All American Pipeline will post 1.3 earnings per share for the current year.

Institutional Trading of Plains All American Pipeline

Several institutional investors and hedge funds have recently modified their holdings of PAA. Wealth Alliance Advisory Group LLC grew its holdings in Plains All American Pipeline by 1.4% during the third quarter. Wealth Alliance Advisory Group LLC now owns 89,153 shares of the pipeline company’s stock worth $1,549,000 after buying an additional 1,226 shares in the last quarter. Cornerstone Wealth Management LLC boosted its holdings in Plains All American Pipeline by 97.6% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 30,234 shares of the pipeline company’s stock worth $525,000 after acquiring an additional 14,930 shares during the last quarter. Magnus Financial Group LLC purchased a new position in Plains All American Pipeline during the 3rd quarter worth $207,000. Exchange Traded Concepts LLC grew its stake in shares of Plains All American Pipeline by 2.5% in the 3rd quarter. Exchange Traded Concepts LLC now owns 552,006 shares of the pipeline company’s stock worth $9,588,000 after acquiring an additional 13,633 shares in the last quarter. Finally, Chickasaw Capital Management LLC raised its holdings in shares of Plains All American Pipeline by 1.0% in the third quarter. Chickasaw Capital Management LLC now owns 4,140,089 shares of the pipeline company’s stock valued at $71,913,000 after purchasing an additional 42,383 shares during the last quarter. 41.78% of the stock is owned by hedge funds and other institutional investors.

Plains All American Pipeline Company Profile

Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminaling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, gathering systems, trucks, and on barges or railcars.